Dein Sells Arsenal Stake To Russian Billionaire

Former Arsenal vice-chairman David Dein has sold his 14.5% stake in the club to
a Russian billionaire with rumours mounting that the latter’s company will now
stage a takeover of Arsenal.

Dein, who resigned from the club’s board in April, sold his stake in Arsenal
for £75m to a firm co-owned by Russian billionaire Alisher Usmanov.

Dein has now been named as the company’s chairman but has moved to dampen
speculation by saying that there is ‘no current intention’ to mount a takeover
bid.

But, as chairman of Usmanov’s Red and White company, he says he is keen to
increase the company’s stake in the club.
Dein said: ‘Today’s announcement
marks a significant step towards realising the vision I share with thousands of
fans at home and abroad of making Arsenal the world’s number one football club.

‘I have not lost my passion for the club; indeed, it is greater than ever. I
have been flattered by the generous offers I have received since April to work
with other clubs, both in England and elsewhere. But there is only one club for
David Dein and that is Arsenal.

‘My immediate intention is to work with others to provide the financial
resources necessary to turn the vision into reality.
To provide these
financial resources, Arsenal needs new investors. The reality is that football
is changing dramatically. A growing number of clubs are being funded by
individuals or consortia that are prepared to invest previously unimaginable
sums aimed at winning the game’s biggest prizes.’

However, Arsenal’s managing director Keith Edelman says the club do not need
foreign investment and are well-placed to fend off any takeover bid.

Edelman said: ‘We are in a very good position, we realise David has sold his
shares to Red and White owned by Mr Usmanov, we note that but don’t believe it
changes anything for Arsenal FC.

‘The current shareholders on the board control over 45% of shares and we
believe the way the club is being run and the financial strength of the club
will come through.

‘The club is in a very good position, and the stadium is producing very large
cash balances for us.’

Dein left the board after it refused to back his plan for a takeover by
American businessman Stan Kroenke.